• Tue. Mar 21st, 2023

Bitcoin bans Cameroon and all African countries where crypto is restricted or illegal

Jun 13, 2022

Bitcoin bans Cameroon and all African countries where crypto is restricted or illegal:

Ethiopia is the latest African country to ban the use of cryptocurrencies.

The central bank issued a warning that cryptocurrencies are being utilized to carry out unofficial financial transactions and schemes involving money laundering.

Bitcoin has been controversial since its beginning in 2009, as have the subsequent cryptocurrencies that followed in its wake.

Due to its extreme volatility, its use in nefarious transactions and the exorbitant use of electricity to mine it, the legal status of the digital currency varies substantially from country to country. But as more Africans turn to cryptos, the criticisms have continued to manifest in an array of restrictions on their usage.

Read: https://factstv.cm/enaira-same-naira-more-possibilities-for-innovation%ef%bf%bc/

Some countries have banned the use of Bitcoin and cryptocurrencies, while others have placed limitations on how Bitcoin can be used. This article uncovers the full list of African countries that have implemented a ban on Bitcoin and cryptocurrency.

Note: Implicit bans refer to those which prohibit banks or other financial institutions from dealing in cryptocurrencies or offering services to people or businesses that involve crypto.

  1. Algeria — Absolute ban
  2. Benin — Implicit ban 
  3. Burkina Faso — Implicit ban
  4. Burundi — Implicit ban
  5. CameroonImplicit ban
  6. Central African Republic — Implicit ban
  7. Chad — Implicit ban
  8. Cote d`Ivoire — Implicit ban
  9. Ethiopia — Implicit ban
  10. Democratic Republic of Congo — Implicit ban
  11. Egypt — Absolute ban

  1. Gabon — Implicit ban
  2. Lesotho — Implicit ban
  3. Libya — Implicit ban
  4. Mali — Implicit ban
  5. Morocco — Absolute ban
  6. Namibia — Implicit ban
  7. Niger — Implicit ban
  8. Nigeria — Implicit ban
  9. Senegal — Implicit ban
  10. Tanzania — Implicit ban
  11. Togo — Implicit ban
  12. Tunisia — Absolute ban
  13. Uganda — Implicit ban
  14. Zambia — Implicit ban
  15. Zimbabwe — Implicit ban